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The Problem with Expert Advisors!

Clearly, EAs mostly don't work because of changing conditions. You may see many 'amazing' EAs being promoted on YouTube where they've made big money in a short time. Obviously unshown will be the vastly greater number that showed a loss! The problem is that those successful EAs were only successful because at the time they were tested, conditions were suitable, Do the same test in three months and they might be big losers. On top of this, we have the backtesting problem which is compounded by the fact that the live results usually differ from back testing the same period.

I believe EAs can be very good only in two circumstances. The first is trend trading off at least H1 as in our latest RichLazyTrendTrader EA.

The second is more interesting and doesn't try to predict direction - a random trade (preferably in the direction of the apparent trend) followed by a run of other trades if the direction turns out to be wrong. Increasing Lot size allows the set of trades to be closed when there is a tiny profit. A kind of modified Martingale with an eventual Stop Loss. Trade this on a single pair and it's very risky but trade this kind of EA on 10 pairs with a starting Lot size of 0.01 and the law of averages helps the probability of a winning outcome. Trading session closed when we have the required overall profit. Clearly, trading 10 pairs smooths the profit or loss graph and we only need an EA to be slightly profitable long term for it to be successful.

So, we are developing such an EA that doesn't need backtesting but by logic alone should make steady profits long term...

New RichLazyTrendTrader Expert Advisor - MT5 Only

Over 45% pm, Over 80% win rate, under 10% drawdown

This works from our over ten year-old tried and proven Trendline indicator (originally called the TCCI for Trend Confirmation and Close Indicator). The principle being that the EA opens a trade in the direction of the Trendline if the previous candle was also in that direction - classic trading with the trend. Most EAs have many adjustable inputs on the assumption the more the better. In fact, this just creates an EA which is then over-optimised for the test conditions and so more likely to fail after a slight change in those conditions.

The new RichLazyTrendTrader EA trades of the H1 charts and has only 3 inputs - TP and SL plus the Length of the Trendline. It also has Start Time and End Time because trading over the US Open (and US session generally) is risky. Yes, I've also included Days of the Week and this greatly improves the long term stability. This simplicity not only produces outstanding results but makes backtesting quick and easy with a full run taking only a couple of minutes or around 10 minutes to include all the permutations of Days of the Week. Testing has shown that the optimum time to trade is usually 9:00 to 13:00 chart time, avoiding the volatile US session.

Currently trading four H1 charts which show a smooth graph backtested for 6 months (covering very different conditions). It produces over 50% a month profit with an under 10% drawdown. All produce similar results, so I have just shown one here. This is for November to March only on a $1,000 account'.

The other pairs are EUR/CHF, GBP/JPY and Gold. Most pairs give a profit but the default four give the best return to drawdown ratio. In 6 months they made 101 trades and $2,670 clear profit. That's about $450 a month or 45% on capital without compounding.

Unlike conventional 'trading wisdom', we generally have a larger SL than TP as experience has shown that in anything other than longer term trading, this usually gives far more profits and a much higher win rate! The EA comes with the Trendline Indicator which must be loaded into your MT5 to create the signals which the EA trades.

Do not try and use this EA on with any Prop Firm other than our recommended one - it will be refused!

Please use the Rich Lazy Trader Buy Now on the Home page to purchase this EA for $149.

All buyers will also receive a second EA for Prop Trading or the new MultiScalping EA robot when development is completed!

Installation and Guide

You will receive the EA (RichLazyTrendTrader.mq5) the Template file (RLTrendEA.tpl) and the 5 Setup files (Sets.zip including 2 for the EUR/CHF) by email. It is essential to run your MT5 on a VPS (Virtual Private Server) to ensure 24 hour good Internet connection without having to leave your computer running. See my VPS Guide Here.

Once you have your VPS you need to open it up using the login details provided. Do this by Right clicking on the rdp file you downloaded from the VPS Guide page and clicking ‘Edit’. Enter the details (Computer name is the IP address string of numbers) and make sure you SAVE at every opportunity! Then download the MT5 from your broker and install on the VPS, double click to install. Files can be copy/pasted into the VPS from your computer.

You can use an ECN or 'Raw Spread' account rather or a No Commission account although the latter may be better for the MultiScalper EA. Copy the Sets.zip to your VPS desktop. Copy the RichLazyTrendTrader.mq5 into your MT5 by clicking on File/Open Data folder, double click MQL5 and paste it into Experts, copy and paste the Trendline.ex5 into the Indicators folder. Copy and paste the template file RLTrendEA.tpl into the Profiles/Templates folder and restart MT5 to load the new files. The EA takes the signals from the Trendline while it is in the folder.

Next wee need to load the 5 default charts (two for the EUR/CHF) chart by clicking View/Market Watch and find Gold (usually XAUUSD). Right click on each and then click ‘Chart Window’. You may need to Right click in the Market Watch column and ‘Show all’ if all the pairs are are not already there. You will see which pars are needed by looking at the Set files (unzip them by double clicking the zip file. Right click on each and then click ‘Chart Window’. Be careful as some brokers have tradable and untradable versions listed. If this is the case, the tradable one will have a suffix - for example EURUSDi or EURUSDk.

When you have loaded the 5 charts, Right click on each, Templates and click RLTEA to load the EA onto each chart. Make sure you do not yet have 'Algotrading' turned on at the top. Then, double click the EA icon top right and click on Load to point it to each of the Set files for that particular pair. Note that the default Lot size of 0.2 and 0.2 for Gold is the maximum safe recommendation per $1,000 capital. Ideally, you should backtest each pair in Strategy Tester to optimise for your particular broker - these were made on Eightcap. On MT5 most things including Navigator, Market Watch and Strategy Tester are found in the View menu. I will make a page on optimisation in the next day or two!

With installation complete, you can turn on Algotrading at the top and leave it to run by itself. The EA icon top right is not as clear as on MT4 but it turns slightly blue when Algotrading is functional. You may need to ensure ‘Allow Algotrading’ is ticked in the EA Properties box in the Common tab (Right click on the EA icon).

Below shows the user inputs of the EA. These will be set correctly for each pair when you load the Set files but I will give an explanation of each setting. Ignore the ¹/₂before the first 3 as this is a product of the coding system!

Lot size, TP and SL are obvious. It is only necessary to give a different Magic Number for the two EUR/CHF charts unless you have another EA running on the same pair. Start Time and End Time is almost always best during the European Session as there is often too much volatility just before and during the US Session, particularly on news days. Days of the week is complicated and I will give more explanation when I make the Optimisation page.

TrendLineLength is to adjust the 'Length' or Period of the custom Trendline indicator and will usually e shorter for shorter time frames.